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Islamic banking

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WELCOME

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INTRODUCTION  IslamicBanking is a banking or banking activity based on principles of Islamic (Shariah)  Shariah prohibits Riba  Investmentin business that provide goods or services is also known Haraam (forbidden

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1. Any predetermined payment over and above the actual amount of principal is prohibited : qard-el-hassan (literally good loan)

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2. The lender must share in the profits or losses arising out of the enterprise for which the money was lent : Shari’ah (Islamic law ) To reduce the burden of the borrower To encourage entrepreneurs in maximizing their efforts.

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3. Making money from money is not islamically accepted : Money advanced in business as a loan is debt of the business and not capital. They are discouraged to keep money idle.

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Islamic Banking VsConventional BankingThe two major difference between Islamic Banking and Conventional Banking: The pressure has been on RBI to introduce Islamic banking in country which would earn billions of dollars in investments.

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 When Conventional banks involve in transaction with consumer they do not take the liability only get the benefit from consumer in form of interest whereas Islamic banks bear all the liability when involve in transaction with consumer. Getting out any benefit without bearing its liability is declared Haram in Islam.

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 Green finance : sustainable environment development facing global warming, development of water resources. Infrastructuredevelopment can attract foreign investment if country opens up to Islamic banking.

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 Ithas a 226 branches in 63 cities of Pakistan. 1st and largest bank awarded as Bes Islamic Financial Institution in Pakistan, by Global Finance magazine at its Annual Awards for The Worlds Best Islamic financial Institutions 2011.

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 It was judged on the basis on the basis of:Contribution to the growth of Islamic Financing in the world- Successfully meeting customer needs.- Creating foundation for continued fast growth in the future.- Growth in assets, profitability, geographic reach, strategic relationships, new business development & innovations in product.